Dow pulled back 21, decliners over advancers 2-1 & NAZ slipped 14. The Financial Index lost 1 to 241. The MLP index was off a fraction in the 434s (still in record high territory) & the REIT index inched up a fraction in the 281s. Junk bond funds were mixed & Treasuries did little. Oil slid lower & gold took another tumble, going below $1600.
AMJ (Alerian MLP Index tracking fund)
Photo: Bloom
In Jan US builders broke ground on the most single-family homes in more than 4 years & permits for future construction rose, an indication the industry’s momentum carried over into 2013. Work began on 613K one-family houses (annualized), the most since Jul 2008 & up 0.8% from a 608K rate in Dec, according to the Commerce Dept. But total housing starts dropped to an 890K rate, less than forecast & restrained by a slump in construction of multifamily units, which is often volatile. Faster hiring & easier access to credit are needed to help complement historically low mortgage rates & stoke a sustained real-estate rebound. The estimate called for total housing starts to drop to a 920K rate. The prior month’s figure was revised up to 973K, the most since Jun 2008, from a previously reported 954K pace. Permits increased to a 925K annual rate, the most since Jun 2008.
Photo: Bloomberg
Toll Brothers swung to a fiscal Q1 profit from a year-earlier loss on 32% higher revenue. EPS was 3¢, compared with a loss of 2¢ in the prior year. But the estimate was for EPS of 10¢. Shares outstanding rose 6.9% from a year earlier to 178M. Revenue reached $424.6M from $322M. The backlog at Jan 31 was $1.86B, up 66%. The stock fell 1.71 (5%) on that miss.
Toll Brothers Falls After Earnings Miss Analyst Estimates
Toll Brothers (TOL)
Photo: Bloomberg
One of Apple major suppliers, Foxconn Technology, has placed a hiring freeze on its largest plant in Shenzhen, Taiwan. A spokesman said the company is not hiring at the facility, citing the high rate of workers returning to the plant after celebrating the Chinese New Year. The company denied a report that Foxconn had imposed a hiring freeze across most of its factories in China as it slows production of the iPhone 5. A newspaper had quoted a Foxconn spokesman as saying, "Currently, none of the plants in mainland China have hiring plans." Foxconn, is the largest manufacturing partner for AAPL, also makes products for Dell (DELL), Sony (SNE) & Hewlett-Packard (HPQ), a Dow stock. AAPL stock fell 7 to 452.
Apple Falls After IPhone Builder Foxconn Halts Hiring
Apple (AAPL)
Stocks are resting again, extending the sideways trend for the Dow. There has been a lot of excitement in Herbalife (HLF) as hedge funds giants are betting long & short on its future. It just reported Q4 earnings up 12%, but most attention is on what the hedge fund guys are doing. The stock fell 67¢. Back to the macro area, nothing has been accomplished aside from the usual hot air coming out of DC. News in the last month has been generally positive with an absence of significant negative stories. But the bulls have not been able to take the markets higher, not good.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.124% | |
U.S. 2-year |
0.268% | |
U.S. 10-year |
2.032% |
| CLH13.NYM | ...Crude Oil Mar 13 | ...96.65 | ...... 0.01 | (0.0%) |
| GCG13.CMX | ...Gold Feb 13 | ......1,586.60 | ... 17.00 | (1.1%) |
Photo: Bloom
In Jan US builders broke ground on the most single-family homes in more than 4 years & permits for future construction rose, an indication the industry’s momentum carried over into 2013. Work began on 613K one-family houses (annualized), the most since Jul 2008 & up 0.8% from a 608K rate in Dec, according to the Commerce Dept. But total housing starts dropped to an 890K rate, less than forecast & restrained by a slump in construction of multifamily units, which is often volatile. Faster hiring & easier access to credit are needed to help complement historically low mortgage rates & stoke a sustained real-estate rebound. The estimate called for total housing starts to drop to a 920K rate. The prior month’s figure was revised up to 973K, the most since Jun 2008, from a previously reported 954K pace. Permits increased to a 925K annual rate, the most since Jun 2008.
Photo: Bloomberg
Toll Brothers swung to a fiscal Q1 profit from a year-earlier loss on 32% higher revenue. EPS was 3¢, compared with a loss of 2¢ in the prior year. But the estimate was for EPS of 10¢. Shares outstanding rose 6.9% from a year earlier to 178M. Revenue reached $424.6M from $322M. The backlog at Jan 31 was $1.86B, up 66%. The stock fell 1.71 (5%) on that miss.
Toll Brothers Falls After Earnings Miss Analyst Estimates
Toll Brothers (TOL)
Photo: Bloomberg
One of Apple major suppliers, Foxconn Technology, has placed a hiring freeze on its largest plant in Shenzhen, Taiwan. A spokesman said the company is not hiring at the facility, citing the high rate of workers returning to the plant after celebrating the Chinese New Year. The company denied a report that Foxconn had imposed a hiring freeze across most of its factories in China as it slows production of the iPhone 5. A newspaper had quoted a Foxconn spokesman as saying, "Currently, none of the plants in mainland China have hiring plans." Foxconn, is the largest manufacturing partner for AAPL, also makes products for Dell (DELL), Sony (SNE) & Hewlett-Packard (HPQ), a Dow stock. AAPL stock fell 7 to 452.
Apple Falls After IPhone Builder Foxconn Halts Hiring
Apple (AAPL)
Stocks are resting again, extending the sideways trend for the Dow. There has been a lot of excitement in Herbalife (HLF) as hedge funds giants are betting long & short on its future. It just reported Q4 earnings up 12%, but most attention is on what the hedge fund guys are doing. The stock fell 67¢. Back to the macro area, nothing has been accomplished aside from the usual hot air coming out of DC. News in the last month has been generally positive with an absence of significant negative stories. But the bulls have not been able to take the markets higher, not good.
Dow Jones Industrials
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